The only somewhat modern vehicle I've ever owned that requires premium is a 2000 Park Avenue Ultra, which is supercharged. I'll admit I've put 87 octane in it on occasion, and never noticed a difference. But, I never did that back-to-back, so there was always some 93 octane in the tank for it to mix.
My understanding with modern cars is that they're "smart" enough to adjust the spark timing and other functions when you put a lower octane fuel in, and in most day to day driving, you won't notice much of a difference. But, if you tend to drive hard (high speed, fast acceleration, etc) you might notice. And, fuel economy might suffer a bit as well, but again, if you're an aggressive driver you're going to be guzzling a bit, anyway.
I've heard that Chevy/GMC pickups with the old 4.3 V-6 could actually get messed up if you put premium in them! They were designed to run on 87 octane, and normally, when you put premium in a vehicle that only needs regular, you're just wasting money but doing no harm. However, with the 4.3, it would actually mess up the engine if you did it too much.